By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were beginning to climb upward by mid-session Tuesday, and a trader noted they were doing better than other vegetable oils.
“There are no major weather tensions yet, but we know we have some issues on the Prairies,” the trader stated, noting most of the region has sufficient moisture for germination.
The Prairie weather forecast doesn’t have much in the way of rain for this week, but that’s likely to change next week for most of the region.
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The May canola contract hovered near its 100-day moving average, but any notable movement down from that mark would be bearish.
Support for canola came from gains in European rapeseed, Malaysian palm oil and Chicago soymeal. However, losses in Chicago soybeans and soyoil tempered further increases. Declines in global crude oil prices weighed on oilseed values.
The Canadian dollar was relatively steady by late Tuesday morning with the loonie dipping to 73.60 U.S. cents compared to Monday’s close of 73.63.
Approximately 27,850 canola contracts were traded as of 10:37 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 640.70 up 2.40 Jul 649.90 up 1.80 Nov 658.60 up 2.20 Jan 665.40 up 1.80
